MDU Resources reports increased earnings in Q3 2017

MDU Resources Group, Inc. reported $89.6 million in third quarter earnings from continuing operations, or 46 cents per share, compared to $88.2 million in the third quarter 2016, or 45 cents per share. Including discontinued operations, third quarter earnings were $87.4 million, or 45 cents per share, compared to $82.8 million, or 42 cents per share, in third quarter 2016.

Highlights from the third quarter include:

$13.1 million in construction services earnings, up from $7.2 million in third quarter 2016; backlog of $676 million.

$63.2 million in construction materials earnings; backlog of $520 million.

$4.8 million in electric and natural gas utility earnings, up from $200,000 in third quarter 2016.

$6.0 million in pipeline and midstream earnings, with record transportation volumes.

“We are pleased to report that all of our businesses performed well in the third quarter,” says David L. Goodin, president and CEO of MDU Resources, in a press release. “Earnings were up 82 percent at construction services on record revenues, reflecting continuing demand for high-tech work, stronger equipment sales, and emergency power line repair work in hurricane-ravaged areas of the South. Construction materials had a solid quarter, although down from last year’s record results.

“Our combined utilities earned $4.8 million in the third quarter, up significantly from last year, due to implemented rate relief, higher electric and natural gas retail sales volumes, and conservation adjustments and weather normalization,” he continues. “Our pipeline business also had a solid quarter, earning $6.0 million, with record transportation volumes helping offset the absence of earnings from the Pronghorn assets, which we sold at the start of the year.

“We are excited about our ongoing growth plans, including organic projects at our pipeline and utility businesses, as well as merger and acquisition opportunities we are pursuing on the construction side of our business,” he adds. “Our operations are well-positioned to continue building a strong America.”